Beijing, one of the popular cities in China, is looking to boost Blockchain development across major sectors in the city. By doing so, Beijing intends to establish itself as one of the influential highlands for blockchain technology, and industrial development in years to come.
Beijing heightens fostering blockchain developments
According to the report on Sunday, Beijing will be fostering blockchain developments across the city’s operations under the project dubbed Beijing Blockchain Innovation Development Action Plan 2020-2022. Beijing adopted about four critical strategies, including 20 specific tasks for technology integration.
Following the blockchain development plan, the city intends to establish many technology and theory research. Also, they plan to create a leading team of distributed ledger technology talent while still developing and integrating multi-field application scenarios.
On the aspect of taxation and finance, Beijing looks forward to unified electronic bills, as well as real estate registration, per the report. Beijing also hopes to establish a friendly environment for blockchain technology and its related entities in the business space. Ultimately, the city will map out special funds in order to enable government funding for the many blockchain projects in the city.
China at the forefront of blockchain innovation
Notably, the People’s Republic of China has been at the forefront of blockchain developments, which was propelled amid the official endorsement by the president. Last year, the country debuted a service network based on blockchain technology to boost operations across its sectors.
In addition to fostering the establishment of smart cities in China, the country is also using blockchain technology to address several issues in the area of traceability. Earlier in June, Cryptopolitan reported that Yunnan, a province in China, deployed the technology to manage tea traceability in one of its highest tea-making regions.